Grant of £2 million received as cost of Grantham's new cinema increases by £700,000
The cost of Grantham’s new cinema is to increase by almost £700,000 to account for a new technology and innovation centre upstairs.
The figures are revealed in a report prepared for Thursday's full meeting of South Kesteven District Council, which is due to consider changes to the council’s budget framework for 2018/19.
However, the report confirms the receipt of a £2 million grant from the Greater Lincolnshire Enterprise Partnership towards the cinema complex, which is due for completion by Easter.
Last October it was announced that the University of Lincoln will deliver degree and other courses from the first floor of the complex in St Catherine’s Road.
The report confirmed: “The centre will provide a new approach in delivering higher education and further education courses to the local economy and wider geographical catchment area whilst helping deliver the vision of creating a vibrant cultural quarter within Grantham to the benefit of the local economy.”
However, it said the £2 million grant is subject to conditions and SKDC is requested to increase the budget for the cinema from £5.4million to £6.28 million.
The current draft funding conditions say £1.34 million of the £2 million go towards the cinema shell, which is now complete, £100,000 towards the ‘public realm’ and £560,000 towards the capital fit out of the technology and innovation centre.
The £1.34 million contribution to the cinema build and the £100,000 public realm funding will replace SKDC’s funding commitment from the Capital Reserve.
Developing the first floor as a technology and innovation centre also requires a change in the budget, to reflect the cost of fit out and £50,000 extra is needed towards project management.
The report says the overall impact of this was to reduce the contribution from council reserves by £1.220 million.